Oct 18 (Reuters) - Australian broadcaster Seven West Media Ltd said on Friday it had agreed to buy Prime Media Group Ltd in an all scrip offer valued at A$63.8 million ($43.55 million).
Prime shareholders will receive 0.4582 Seven West shares for each Prime share they hold. That values each Prime share at about A$0.174, which represents a discount of 3.3% to Prime’s last closing price.
Prime’s board said it was backing the offer in the absence of a superior bid.
$1 = 1.4650 Australian dollars Reporting by Rashmi Ashok in Bengaluru; editing by Jane Wardell